Suit filed against Silkbank-UBL merger proposal

KARACHI: Park View Enclave (Private) Limited has filed a suit in the Sindh High Court against Shaukat Fayaz Tarin and other parties about the proposed amalgamation of Silkbank Limited with and into United Bank Limited, a bourse filing said on Thursday.

“Park View Enclave (Private) Limited has filed Suit No 1384 of 2024 (suit) in the Sindh High Court at Karachi against Shaukat Fayaz Tarin and others in connection with the proposed amalgamation of Silkbank Limited with and into United Bank Limited (UBL) pursuant to a scheme of amalgamation to be sanctioned by the State Bank of Pakistan (SBP) under Section 48 of the Banking Companies Ordinance, 1962,” UBL said in a notice sent to the Pakistan Stock Exchange (PSX).

“UBL has also been impleaded in the suit as a defendant,” the bank added. Earlier this month, the bank’s board of directors approved the Silkbank merger into UBL through a share swap arrangement.